EURGBP Testing Important Support Zone
A simple and short trade idea.
EURGBP is at a very critical support zone if you check on the daily chart. We seem to be exhausting here with no more new lower highs and lower lows being made. We are awaiting for first higher low.
If this higher low swing is made with a higher high break and close, we form a reversal pattern, a head and shoulders pattern.
So ideally want to see a pullback from here before breaking out. If we do just break out, then perhaps we can assess a retest of the breakout zone making a higher low swing.
EURGBP is at a very critical support zone if you check on the daily chart. We seem to be exhausting here with no more new lower highs and lower lows being made. We are awaiting for first higher low.
If this higher low swing is made with a higher high break and close, we form a reversal pattern, a head and shoulders pattern.
So ideally want to see a pullback from here before breaking out. If we do just break out, then perhaps we can assess a retest of the breakout zone making a higher low swing.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.